E-Commerce Giant Alibaba Sells Intime Luxury Store Chain At Big Loss [Forbes]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Forbes
Alibaba Group Holding is selling its stake in Chinese department store chain Intime for 7.4 billion yuan ($1 billion) as the company returns it focus to e-commerce, even though the sale will lead to losses of 9.3 billion yuan. The Hangzhou-based behemoth said a consortium of buyers including Chinese billionaire Li Rucheng 's fashion conglomerate Youngor Group will acquire its 99% stake in Intime, as well as 1% owned by an unidentified minority shareholder, according to a Tuesday filing with the Hong Kong Stock Exchange. With Yintai Group's billionaire founder Shen Guojun , Alibaba took the department store chain private in 2017 in a $2.6 billion deal. The e-commerce giant cofounded by billionaire Jack Ma harbored dreams of using internet technologies to upgrade brick-and-mortar retail. For example, it once wanted to generate service fees by selling customer analysis algorithms to offline retailers, and take a cut from their revenues if sales improved. It bought brick-and-mortar s
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